Crown Castle (CCI) Financials

$100.87 -1.41 (-1.38%)

Closing price 04/24/2025 03:59 PM Eastern

Extended Trading

$100.52 -0.35 (-0.35%)

As of 07:03 AM Eastern

Annual Income Statements for Crown Castle

This table shows Crown Castle's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	1,477	424	308	547	789	999	1,096	3,073	3,202	7,877
Consolidated Net Income / (Loss)	1,524	357	366	660	902	1,056	1,096	3,073	3,202	7,877
Net Income / (Loss) Continuing Operations	525	391	366	660	902	1,056	1,158	0.00	0.00	0.00
Total Pre-Tax Income	474	374	392	641	881	1,076	1,179	3,089	3,228	7,901
Total Operating Income	946	949	967	1,383	1,559	1,863	2,001	2,425	2,369	-2,938
Total Gross Profit	2,342	2,480	2,712	3,526	3,777	3,871	4,347	4,918	5,001	4,721
Total Revenue	3,664	3,921	4,255	5,370	5,763	5,840	6,340	6,986	6,981	6,568
Operating Revenue	3,664	3,921	4,255	5,370	5,763	5,840	6,340	6,986	6,981	6,568
Total Cost of Revenue	1,321	1,441	1,543	1,844	1,986	1,969	1,993	2,068	1,980	1,847
Operating Cost of Revenue	1,321	1,441	1,543	1,844	1,986	1,969	1,993	2,068	1,980	1,847
Total Operating Expenses	1,396	1,531	1,745	2,143	2,218	2,008	2,346	2,493	2,632	-2,257
Selling, General & Admin Expense	311	371	426	563	614	678	680	750	759	706
Depreciation Expense	1,036	1,109	1,241	1,527	1,572	1,608	1,644	1,707	1,754	1,738
Impairment Charge	33	34	17	26	19	74	21	34	33	-4,810
Restructuring Charge	16	17	61	27	13	10	1.00	2.00	86	109
Total Other Income / (Expense), net	-472	-575	-575	-742	-678	-787	-822	664	859	923
Interest Expense	531	567	595	748	685	784	802	-671	-850	-932
Interest & Investment Income	1.91	1.00	19	5.00	6.00	2.00	1.00	3.00	15	19
Other Income / (Expense), net	57	-9.00	1.00	1.00	1.00	-5.00	-21	-10	-6.00	-28
Income Tax Expense	-51	-17	26	-19	-21	20	21	16	26	24
Basic Earnings per Share	$4.44	$0.95	$0.80	$1.23	$3.60	$2.36	$2.54	$3.87	$3.46	($8.98)
Weighted Average Basic Shares Outstanding	333.00M	340M	382M	413M	416M	423M	432M	433M	434M	434M
Diluted Earnings per Share	$4.42	$0.95	$0.80	$1.23	$3.58	$2.35	$2.53	$3.86	$3.46	($8.98)
Weighted Average Diluted Shares Outstanding	334.06M	341M	383M	415M	418M	425M	434M	434M	434M	434M
Weighted Average Basic & Diluted Shares Outstanding	494M	360.54M	383.20M	413.30M	416.75M	862.62M	864.43M	433.44M	434.22M	435.43M
Cash Dividends to Common per Share	$3.35	$3.61	$3.90	$4.28	$4.58	$4.93	$5.46	$5.98	$6.26	$6.26

This table shows Crown Castle's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	419	1,814	417	456	265	2,064	310	251	303	7,013
Consolidated Net Income / (Loss)	419	1,812	418	455	265	2,064	311	251	303	7,012
Net Income / (Loss) Continuing Operations	419	-840	418	455	265	-1,138	311	251	303	-865
Total Pre-Tax Income	422	1,814	425	462	272	2,069	318	258	308	7,017
Total Operating Income	602	612	628	667	486	588	538	485	544	-4,505
Total Gross Profit	1,222	1,243	1,254	1,345	1,181	1,221	1,177	1,167	1,192	1,185
Total Revenue	1,746	1,764	1,773	1,867	1,667	1,674	1,641	1,626	1,652	1,649
Operating Revenue	1,746	1,764	1,773	1,867	1,667	1,674	1,641	1,626	1,652	1,649
Total Cost of Revenue	524	521	519	522	486	453	464	459	460	464
Operating Cost of Revenue	524	521	519	522	486	453	464	459	460	464
Total Operating Expenses	620	631	626	678	695	633	639	682	648	-4,226
Selling, General & Admin Expense	187	192	195	210	176	178	183	204	153	166
Depreciation Expense	430	430	431	445	439	439	439	430	432	437
Impairment Charge	3.00	8.00	0.00	22	8.00	3.00	6.00	3.00	15	-4,834
Restructuring Charge	0.00	1.00	0.00	1.00	72	13	11	45	48	5.00
Total Other Income / (Expense), net	-180	1,202	-203	-205	-214	1,481	-220	-227	-236	1,606
Interest Expense	179	-1,205	202	208	217	-1,477	226	230	236	-1,624
Interest & Investment Income	1.00	2.00	2.00	5.00	3.00	5.00	4.00	4.00	6.00	5.00
Other Income / (Expense), net	-2.00	-5.00	-3.00	-2.00	0.00	-1.00	2.00	-1.00	-6.00	-23
Income Tax Expense	3.00	2.00	7.00	7.00	7.00	5.00	7.00	7.00	5.00	5.00
Basic Earnings per Share	$0.97	$0.96	$0.97	$1.05	$0.61	$0.83	$0.72	$0.58	$0.70	($10.98)
Weighted Average Basic Shares Outstanding	433M	433M	433M	434M	434M	434M	434M	435M	435M	434M
Diluted Earnings per Share	$0.97	$0.95	$0.97	$1.05	$0.61	$0.83	$0.71	$0.58	$0.70	($10.97)
Weighted Average Diluted Shares Outstanding	434M	434M	434M	434M	434M	434M	435M	435M	436M	434M
Weighted Average Basic & Diluted Shares Outstanding	433.05M	433.44M	433.67M	433.68M	433.69M	434.22M	434.52M	434.57M	434.60M	435.43M

This table details how cash moves in and out of Crown Castle's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-1,101	269	27,700	432	-75	43	147	-139	-47	15
Net Cash From Operating Activities	1,794	1,787	2,032	2,500	2,698	3,055	2,789	2,878	3,126	2,943
Net Cash From Continuing Operating Activities	1,794	1,787	1,926	2,934	3,032	3,055	2,789	2,878	3,119	-6,973
Net Income / (Loss) Continuing Operations	525	357	366	622	860	1,056	1,158	1,675	1,502	-3,903
Consolidated Net Income / (Loss)	525	357	366	622	860	1,056	1,158	1,675	1,502	-3,903
Depreciation Expense	1,036	1,109	1,241	1,527	1,572	1,608	1,644	1,707	1,754	1,738
Amortization Expense	37	14	9.00	7.00	1.00	6.00	13	17	29	32
Non-Cash Adjustments To Reconcile Net Income	-26	178	103	27	138	312	316	223	197	-4,644
Changes in Operating Assets and Liabilities, net	221	129	305	317	127	73	-342	-744	-363	-196
Net Cash From Investing Activities	-1,960	-1,429	-10,482	-1,793	-2,081	-1,741	-1,332	-1,352	-1,519	-1,220
Net Cash From Continuing Investing Activities	-1,960	-1,429	10,482	-1,769	-2,067	-1,741	-1,332	-1,352	-1,519	-1,220
Purchase of Property, Plant & Equipment	-909	-874	-1,217	-1,739	-2,057	-1,624	-1,229	-1,310	-1,424	-1,222
Acquisitions	-1,102	-557	-9,260	-42	-17	-107	-111	-35	-96	-8.00
Other Investing Activities, net	51	2.00	-5.00	-12	-7.00	-10	8.00	-7.00	1.00	10
Net Cash From Financing Activities	-935	-89	8,192	-733	-692	-1,271	-1,310	-1,665	-1,654	-1,708
Net Cash From Continuing Financing Activities	-935	-89	15,292	-733	-692	-1,271	-1,310	12,103	14,084	6,878
Repayment of Debt	-2,535	-8,748	-1,988	-4,207	-2,627	-5,168	-4,097	5,193	3,875	2,872
Repurchase of Common Equity	-30	-25	-23	-34	-44	-76	-70	65	30	33
Payment of Dividends	-1,160	-1,283	-1,539	-1,895	-2,025	-2,190	-2,373	2,602	2,723	2,729
Issuance of Debt	2,790	8,641	5,913	4,562	4,004	6,163	5,230	4,243	7,456	1,244

This table details how cash moves in and out of Crown Castle's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-125	6.00	0.00	-49	-183	185	-192	103	2.00	102
Net Cash From Operating Activities	701	840	606	1,119	533	868	599	768	699	877
Net Cash From Continuing Operating Activities	679	868	546	969	549	1,055	389	838	661	-8,861
Net Income / (Loss) Continuing Operations	1,261	414	418	456	265	363	311	251	303	-4,768
Consolidated Net Income / (Loss)	419	414	418	456	265	363	311	251	303	-4,768
Depreciation Expense	429	431	431	445	439	439	439	430	432	437
Amortization Expense	3.00	7.00	7.00	7.00	8.00	7.00	8.00	10	6.00	8.00
Non-Cash Adjustments To Reconcile Net Income	39	55	39	72	35	51	40	39	33	-4,756
Changes in Operating Assets and Liabilities, net	-211	-39	-349	-11	-198	195	-409	108	-113	218
Net Cash From Investing Activities	-337	-406	-407	-399	-349	-364	-320	-330	-297	-273
Net Cash From Continuing Investing Activities	-337	-406	-407	-399	-349	-364	-320	-330	-297	-273
Purchase of Property, Plant & Equipment	-337	-389	-341	-379	-347	-357	-320	-329	-297	-276
Other Investing Activities, net	-	3.00	1.00	2.00	2.00	-4.00	1.00	-1.00	7.00	3.00
Net Cash From Financing Activities	-461	-456	-139	-619	-383	-513	-261	-405	-362	-680
Net Cash From Continuing Financing Activities	-461	13,312	-139	-619	-383	15,225	-261	-405	-362	7,906
Repayment of Debt	289	7,787	-1,858	-1,967	-533	8,233	454	278	-923	3,063
Repurchase of Common Equity	-1.00	129	-28	-1.00	-	59	-27	-3.00	-2.00	65
Payment of Dividends	-637	4,526	-686	-678	-680	4,767	-688	-680	-681	4,778

This table presents Crown Castle's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	21,937	22,675	32,229	32,762	38,457	38,768	39,040	38,921	38,527	32,736
Total Current Assets	981	1,325	1,134	1,229	1,204	1,104	1,254	1,217	1,032	1,090
Cash & Equivalents	179	568	314	277	196	232	292	156	105	119
Restricted Cash	131	125	121	131	137	144	169	166	171	171
Accounts Receivable	313	374	398	501	596	431	543	593	481	478
Prepaid Expenses	133	129	162	172	107	95	105	102	103	106
Other Current Assets	225	130	139	148	168	202	145	200	172	216
Plant, Property, & Equipment, net	9,580	9,805	12,933	13,653	14,666	15,162	15,269	15,407	15,666	15,495
Total Noncurrent Assets	11,376	11,545	18,162	17,880	22,587	22,502	22,517	22,297	21,829	16,151
Noncurrent Note & Lease Receivables	1,306	1,318	1,300	1,366	1,424	1,408	1,588	1,954	2,239	2,343
Goodwill	5,514	5,758	10,021	10,078	10,078	10,078	10,078	10,085	10,085	5,127
Intangible Assets	359	351	336	307	72	68	64	61	57	54
Other Noncurrent Operating Assets	4,197	4,118	6,505	6,129	11,013	10,948	10,787	10,197	9,448	8,627
Total Liabilities & Shareholders' Equity	21,937	22,675	32,229	32,762	38,457	38,768	39,040	38,921	38,527	32,736
Total Liabilities	14,848	15,118	19,890	21,191	27,968	29,307	30,782	31,472	32,146	32,869
Total Current Liabilities	855	961	1,292	1,506	1,920	1,969	2,026	2,731	2,585	2,177
Short-Term Debt	106	102	115	107	100	129	72	819	835	610
Accounts Payable	160	189	249	313	334	230	246	236	252	192
Current Deferred Revenue	323	353	457	587	657	704	776	736	605	476
Other Current Liabilities	200	221	339	351	660	707	750	757	674	655
Other Current Nonoperating Liabilities	67	97	132	148	169	199	182	183	219	244
Total Noncurrent Liabilities	13,992	14,157	18,598	19,685	26,048	27,338	28,756	28,741	29,561	30,692
Long-Term Debt	12,044	12,069	16,044	16,575	18,021	19,151	20,557	20,910	22,086	23,471
Capital Lease Obligations	-	-	-	0.00	5,511	5,808	6,031	5,881	5,561	5,236
Other Noncurrent Operating Liabilities	1,949	2,087	2,554	3,110	2,516	2,379	2,168	1,950	1,914	1,985
Total Equity & Noncontrolling Interests	7,089	7,557	12,339	11,571	10,489	9,461	8,258	7,449	6,381	-133
Total Preferred & Common Equity	7,089	7,557	12,339	11,571	10,489	9,461	8,258	7,449	6,381	-133
Total Common Equity	7,089	7,557	12,339	11,571	10,489	9,461	8,258	7,449	6,381	-133
Common Stock	9,552	10,942	16,848	17,771	17,859	17,937	18,015	18,120	18,274	18,397
Retained Earnings	-2,458	-3,379	-4,505	-6,195	-7,365	-8,472	-9,753	-10,666	-11,889	-18,525
Accumulated Other Comprehensive Income / (Loss)	-4.40	-5.89	-4.00	-5.00	-5.00	-4.00	-4.00	-5.00	-4.00	-5.00

This table presents Crown Castle's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	38,861	38,921	39,054	39,042	38,699	38,527	38,231	38,246	38,043	32,736
Total Current Assets	1,182	1,217	1,325	1,349	1,126	1,032	977	1,081	1,124	1,090
Cash & Equivalents	174	156	187	276	117	105	125	155	194	119
Restricted Cash	168	166	196	207	167	171	168	171	172	171
Accounts Receivable	535	593	565	496	512	481	380	420	413	478
Prepaid Expenses	111	102	159	182	143	103	130	155	144	106
Other Current Assets	194	200	218	188	187	172	174	180	201	216
Plant, Property, & Equipment, net	15,265	15,407	15,492	15,571	15,573	15,666	15,677	15,698	15,643	15,495
Total Noncurrent Assets	22,414	22,297	22,237	22,122	22,000	21,829	21,577	21,467	21,276	16,151
Noncurrent Note & Lease Receivables	8,493	1,954	2,040	2,128	8,498	2,239	2,292	2,341	2,340	2,343
Goodwill	10,087	10,085	10,085	10,085	10,085	10,085	10,085	10,085	10,085	5,127
Intangible Assets	3,699	61	3,496	3,388	3,276	57	3,073	2,974	2,878	54
Other Noncurrent Operating Assets	135	10,197	6,616	6,521	141	9,448	6,127	6,067	5,973	8,627
Total Liabilities & Shareholders' Equity	38,861	38,921	39,054	39,042	38,699	38,527	38,231	38,246	38,043	32,736
Total Liabilities	31,182	31,472	31,831	31,996	32,030	32,146	32,183	32,594	32,747	32,869
Total Current Liabilities	2,584	2,731	2,535	2,725	2,549	2,585	2,336	2,494	2,097	2,177
Short-Term Debt	819	819	819	819	827	835	854	865	611	610
Accounts Payable	229	236	233	240	215	252	216	225	200	192
Current Deferred Revenue	686	736	721	793	650	605	514	509	483	476
Other Current Liabilities	731	757	630	654	712	674	592	667	639	655
Other Current Nonoperating Liabilities	119	183	132	219	145	219	160	228	164	244
Total Noncurrent Liabilities	28,598	28,741	29,296	29,271	29,481	29,561	29,847	30,100	30,650	30,692
Long-Term Debt	20,664	20,910	21,513	21,599	21,903	22,086	22,560	22,854	23,452	23,471
Capital Lease Obligations	5,941	5,881	5,856	5,750	5,660	5,561	5,397	5,354	5,272	5,236
Other Noncurrent Operating Liabilities	1,993	1,950	1,927	1,922	1,918	1,914	1,890	1,892	1,926	1,985
Total Equity & Noncontrolling Interests	7,679	7,449	7,223	7,046	6,669	6,381	6,048	5,652	5,296	-133
Total Preferred & Common Equity	7,675	7,449	7,223	7,046	6,669	6,381	6,048	5,652	5,296	-133
Total Common Equity	7,675	7,449	7,223	7,046	6,669	6,381	6,048	5,652	5,296	-133
Common Stock	18,087	18,120	18,158	18,206	18,245	18,274	18,314	18,351	18,375	18,397
Retained Earnings	-10,405	-10,666	-10,929	-11,155	-11,571	-11,889	-12,261	-12,694	-13,074	-18,525
Accumulated Other Comprehensive Income / (Loss)	-7.00	-5.00	-6.00	-5.00	-5.00	-4.00	-5.00	-5.00	-5.00	-5.00

This table displays calculated financial ratios and metrics derived from Crown Castle's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.54%	7.02%	8.52%	26.20%	7.32%	1.34%	8.56%	10.19%	-0.07%	-5.92%
EBITDA Growth	2.83%	-0.65%	7.51%	31.56%	7.37%	10.82%	4.75%	13.80%	0.17%	-128.85%
EBIT Growth	5.30%	-6.30%	2.98%	42.98%	12.72%	19.10%	6.57%	21.97%	-2.15%	-225.52%
NOPAT Growth	7.89%	-5.41%	-9.00%	57.72%	12.09%	14.55%	7.49%	22.75%	-2.59%	-224.65%
Net Income Growth	282.26%	-76.58%	2.52%	80.33%	36.67%	17.07%	3.79%	180.38%	4.20%	146.00%
EPS Growth	325.00%	-78.51%	-15.79%	53.75%	191.06%	-34.36%	7.66%	52.57%	-10.36%	-359.54%
Operating Cash Flow Growth	12.11%	-0.39%	13.71%	23.03%	7.92%	13.23%	-8.71%	3.19%	8.62%	-5.85%
Free Cash Flow Firm Growth	-81.15%	342.55%	-1,053.58%	119.93%	-368.63%	132.36%	20.16%	25.50%	15.60%	11.16%
Invested Capital Growth	4.72%	0.72%	47.36%	-0.72%	21.31%	1.22%	0.78%	0.81%	-0.33%	-16.28%
Revenue Q/Q Growth	-3.00%	7.29%	6.34%	-1.83%	1.05%	30.85%	-15.34%	1.60%	-1.27%	-0.38%
EBITDA Q/Q Growth	-0.86%	1.57%	0.71%	6.26%	2.02%	9.42%	-3.86%	2.68%	-0.29%	-130.51%
EBIT Q/Q Growth	-2.53%	3.21%	-6.69%	11.52%	3.72%	18.72%	-7.56%	3.83%	-0.84%	-238.02%
NOPAT Q/Q Growth	7.11%	-0.25%	-15.99%	18.60%	1.17%	15.35%	-5.81%	4.28%	-0.35%	-238.57%
Net Income Q/Q Growth	-5.41%	17.99%	-32.41%	35.25%	3.32%	33.50%	-10.82%	90.40%	106.31%	540.93%
EPS Q/Q Growth	-0.67%	-2.06%	-33.88%	44.71%	111.83%	-37.67%	-4.89%	7.82%	-53.49%	-242.99%
Operating Cash Flow Q/Q Growth	3.10%	-1.15%	7.21%	4.43%	3.17%	6.15%	-8.26%	3.82%	0.90%	0.31%
Free Cash Flow Firm Q/Q Growth	552.95%	-13.30%	-797.71%	126.97%	8.84%	-81.91%	-19.65%	152.22%	6.29%	5.15%
Invested Capital Q/Q Growth	-0.80%	-0.13%	33.36%	-1.34%	-2.26%	20.55%	21.60%	0.11%	-0.33%	-15.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.93%	63.25%	63.74%	65.66%	65.54%	66.28%	68.56%	70.40%	71.64%	71.88%
EBITDA Margin	56.68%	52.61%	52.13%	54.34%	54.36%	59.45%	57.37%	59.25%	59.39%	-18.21%
Operating Margin	25.82%	24.20%	22.73%	25.75%	27.05%	31.90%	31.56%	34.71%	33.94%	-44.73%
EBIT Margin	27.38%	23.97%	22.75%	25.77%	27.07%	31.82%	31.23%	34.57%	33.85%	-45.16%
Profit (Net Income) Margin	41.60%	9.10%	8.60%	12.29%	15.65%	18.08%	17.29%	43.99%	45.87%	119.93%
Tax Burden Percent	321.71%	95.45%	93.37%	102.96%	102.38%	98.14%	92.96%	99.48%	99.19%	99.70%
Interest Burden Percent	47.23%	39.79%	40.50%	46.32%	56.47%	57.91%	59.55%	127.91%	136.61%	-266.39%
Effective Tax Rate	-10.86%	-4.55%	6.63%	-2.96%	-2.38%	1.86%	1.78%	0.52%	0.81%	0.30%
Return on Invested Capital (ROIC)	5.65%	5.20%	3.82%	5.07%	5.15%	5.35%	5.70%	6.94%	6.74%	-9.16%
ROIC Less NNEP Spread (ROIC-NNEP)	9.73%	-0.21%	-0.10%	0.33%	1.67%	2.16%	2.31%	9.39%	9.79%	28.30%
Return on Net Nonoperating Assets (RNNOA)	16.40%	-0.33%	-0.14%	0.45%	3.02%	5.23%	6.68%	32.19%	39.56%	261.31%
Return on Equity (ROE)	22.05%	4.87%	3.68%	5.52%	8.18%	10.59%	12.37%	39.13%	46.31%	252.14%
Cash Return on Invested Capital (CROIC)	1.04%	4.49%	-34.48%	5.79%	-14.10%	4.14%	4.92%	6.13%	7.07%	8.57%
Operating Return on Assets (OROA)	4.66%	4.21%	3.53%	4.26%	4.38%	4.81%	5.09%	6.20%	6.10%	-8.32%
Return on Assets (ROA)	7.08%	1.60%	1.33%	2.03%	2.53%	2.73%	2.82%	7.88%	8.27%	22.11%
Return on Common Equity (ROCE)	22.02%	4.87%	3.68%	5.52%	8.18%	10.59%	12.37%	39.13%	46.31%	252.14%
Return on Equity Simple (ROE_SIMPLE)	21.50%	4.72%	2.97%	5.70%	8.60%	11.16%	13.27%	41.25%	50.18%	0.00%
Net Operating Profit after Tax (NOPAT)	1,049	992	903	1,424	1,596	1,828	1,965	2,412	2,350	-2,929
NOPAT Margin	28.63%	25.30%	21.22%	26.52%	27.70%	31.31%	31.00%	34.53%	33.66%	-44.60%
Net Nonoperating Expense Percent (NNEP)	-4.08%	5.41%	3.91%	4.73%	3.48%	3.19%	3.39%	-2.45%	-3.05%	-37.46%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.88%	6.74%	-10.04%
Cost of Revenue to Revenue	36.07%	36.75%	36.26%	34.34%	34.46%	33.72%	31.44%	29.60%	28.36%	28.12%
SG&A Expenses to Revenue	8.49%	9.46%	10.01%	10.48%	10.65%	11.61%	10.73%	10.74%	10.87%	10.75%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	38.11%	39.05%	41.01%	39.91%	38.49%	34.38%	37.00%	35.69%	37.70%	-34.36%
Earnings before Interest and Taxes (EBIT)	1,003	940	968	1,384	1,560	1,858	1,980	2,415	2,363	-2,966
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,077	2,063	2,218	2,918	3,133	3,472	3,637	4,139	4,146	-1,196
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.91	2.90	5.66	6.27	4.69	6.23	9.67	6.92	7.26	0.00
Price to Tangible Book Value (P/TBV)	16.95	15.12	35.21	61.16	145.19	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	5.63	5.58	16.40	13.51	8.54	10.10	12.59	7.37	6.63	5.91
Price to Earnings (P/E)	13.97	51.63	226.59	132.61	62.38	59.03	72.83	16.76	14.46	4.93
Dividend Yield	5.41%	5.58%	4.54%	4.89%	3.86%	3.61%	2.96%	5.02%	5.86%	7.01%
Earnings Yield	7.16%	1.94%	0.44%	0.75%	1.60%	1.69%	1.37%	5.97%	6.92%	20.30%
Enterprise Value to Invested Capital (EV/IC)	1.71	1.74	3.03	3.17	2.14	2.43	3.06	2.26	2.14	2.33
Enterprise Value to Revenue (EV/Rev)	8.86	8.51	20.10	16.54	12.58	14.33	16.72	11.28	10.67	10.33
Enterprise Value to EBITDA (EV/EBITDA)	15.64	16.18	38.56	30.44	23.15	24.10	29.15	19.04	17.97	0.00
Enterprise Value to EBIT (EV/EBIT)	32.37	35.50	88.34	64.17	46.49	45.04	53.54	32.63	31.53	0.00
Enterprise Value to NOPAT (EV/NOPAT)	30.96	33.64	94.72	62.37	45.43	45.77	53.94	32.66	31.71	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	18.10	18.67	42.08	35.53	26.88	27.39	38.01	27.38	23.84	23.05
Enterprise Value to Free Cash Flow (EV/FCFF)	167.94	39.00	0.00	54.62	0.00	59.21	62.42	36.97	30.24	24.76
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.71	1.61	1.31	1.44	2.25	2.65	3.23	3.71	4.46	-220.43
Long-Term Debt to Equity	1.70	1.60	1.30	1.43	2.24	2.64	3.22	3.60	4.33	-215.84
Financial Leverage	1.69	1.60	1.38	1.35	1.81	2.43	2.89	3.43	4.04	9.23
Leverage Ratio	3.12	3.05	2.76	2.72	3.23	3.87	4.39	4.96	5.60	11.41
Compound Leverage Factor	1.47	1.21	1.12	1.26	1.82	2.24	2.61	6.35	7.65	-30.38
Debt to Total Capital	63.15%	61.69%	56.70%	59.05%	69.26%	72.62%	76.35%	78.75%	81.70%	100.46%
Short-Term Debt to Total Capital	0.55%	0.52%	0.40%	0.38%	0.29%	0.37%	0.21%	2.34%	2.40%	2.09%
Long-Term Debt to Total Capital	62.60%	61.18%	56.30%	58.67%	68.97%	72.24%	76.14%	76.42%	79.30%	98.37%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	36.85%	38.31%	43.30%	40.95%	30.74%	27.38%	23.65%	21.25%	18.30%	-0.46%
Debt to EBITDA	5.85	5.90	7.29	5.72	7.54	7.23	7.33	6.67	6.87	-24.51
Net Debt to EBITDA	5.70	5.56	7.09	5.58	7.44	7.12	7.20	6.59	6.80	-24.27
Long-Term Debt to EBITDA	5.80	5.85	7.23	5.68	7.51	7.19	7.31	6.47	6.67	-24.00
Debt to NOPAT	11.58	12.27	17.90	11.71	14.81	13.72	13.57	11.44	12.12	-10.01
Net Debt to NOPAT	11.29	11.57	17.42	11.43	14.60	13.52	13.33	11.31	12.00	-9.91
Long-Term Debt to NOPAT	11.48	12.17	17.77	11.64	14.74	13.65	13.53	11.11	11.77	-9.80
Altman Z-Score	1.00	0.99	2.13	2.08	1.05	1.18	1.51	0.94	0.77	-0.22
Noncontrolling Interest Sharing Ratio	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.15	1.38	0.88	0.82	0.63	0.56	0.62	0.45	0.40	0.50
Quick Ratio	0.58	0.98	0.55	0.52	0.41	0.34	0.41	0.27	0.23	0.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	193	856	-8,159	1,626	-4,368	1,413	1,698	2,131	2,464	2,739
Operating Cash Flow to CapEx	197.39%	204.46%	166.97%	143.76%	131.16%	188.12%	226.93%	219.69%	219.52%	240.83%
Free Cash Flow to Firm to Interest Expense	0.36	1.51	-13.71	2.17	-6.38	1.80	2.12	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	3.38	3.15	3.42	3.34	3.94	3.90	3.48	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.67	1.61	1.37	1.02	0.94	1.83	1.95	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.18	0.16	0.17	0.16	0.15	0.16	0.18	0.18	0.18
Accounts Receivable Turnover	11.69	11.42	11.03	11.95	10.51	11.37	13.02	12.30	13.00	13.70
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.39	0.40	0.37	0.40	0.41	0.39	0.42	0.46	0.45	0.42
Accounts Payable Turnover	8.21	8.28	7.05	6.56	6.14	6.98	8.37	8.58	8.11	8.32
Days Sales Outstanding (DSO)	31.21	31.97	33.09	30.55	34.74	32.09	28.04	29.68	28.08	26.65
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	44.47	44.09	51.75	55.62	59.45	52.28	43.59	42.54	44.98	43.87
Cash Conversion Cycle (CCC)	-13.26	-12.12	-18.66	-25.07	-24.72	-20.18	-15.55	-12.86	-16.90	-17.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,997	19,133	28,195	27,993	33,957	34,372	34,639	34,920	34,806	29,138
Invested Capital Turnover	0.20	0.21	0.18	0.19	0.19	0.17	0.18	0.20	0.20	0.21
Increase / (Decrease) in Invested Capital	856	137	9,062	-202	5,964	415	267	281	-114	-5,668
Enterprise Value (EV)	32,470	33,372	85,515	88,813	72,518	83,679	106,018	78,800	74,510	67,822
Market Capitalization	20,629	21,893	69,791	72,539	49,219	58,967	79,819	51,512	46,304	38,795
Book Value per Share	$21.24	$22.30	$15.19	$13.94	$25.23	$21.94	$19.11	$17.20	$14.71	($0.31)
Tangible Book Value per Share	$3.65	$4.27	$2.44	$1.43	$0.82	($1.59)	($4.36)	($6.23)	($8.67)	($12.23)
Total Capital	19,239	19,728	28,498	28,253	34,121	34,549	34,918	35,059	34,863	29,184
Total Debt	12,150	12,171	16,159	16,682	23,632	25,088	26,660	27,610	28,482	29,317
Total Long-Term Debt	12,044	12,069	16,044	16,575	23,532	24,959	26,588	26,791	27,647	28,707
Net Debt	11,840	11,479	15,724	16,274	23,299	24,712	26,199	27,288	28,206	29,027
Capital Expenditures (CapEx)	909	874	1,217	1,739	2,057	1,624	1,229	1,310	1,424	1,222
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-77	-227	-478	-578	-949	-1,112	-1,161	-1,017	-994	-767
Debt-free Net Working Capital (DFNWC)	232	465	-43	-170	-616	-736	-700	-695	-718	-477
Net Working Capital (NWC)	126	363	-158	-277	-716	-865	-772	-1,514	-1,553	-1,087
Net Nonoperating Expense (NNE)	-475	635	537	764	694	772	869	-661	-852	-10,806
Net Nonoperating Obligations (NNO)	11,907	11,576	15,856	16,422	23,468	24,911	26,381	27,471	28,425	29,271
Total Depreciation and Amortization (D&A)	1,073	1,123	1,250	1,534	1,573	1,614	1,657	1,724	1,783	1,770
Debt-free, Cash-free Net Working Capital to Revenue	-2.11%	-5.79%	-11.23%	-10.76%	-16.47%	-19.04%	-18.31%	-14.56%	-14.24%	-11.68%
Debt-free Net Working Capital to Revenue	6.33%	11.86%	-1.01%	-3.17%	-10.69%	-12.60%	-11.04%	-9.95%	-10.29%	-7.26%
Net Working Capital to Revenue	3.44%	9.27%	-3.71%	-5.16%	-12.42%	-14.81%	-12.18%	-21.67%	-22.25%	-16.55%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.44	$0.95	$1.01	$1.35	$1.80	$2.36	$5.22	$3.87	$6.92	($8.98)
Adjusted Weighted Average Basic Shares Outstanding	333.00M	340.35M	381.74M	413M	416M	423M	432M	433M	434M	434M
Adjusted Diluted Earnings per Share	$4.42	$0.95	$1.01	$1.34	$1.79	$2.35	$5.20	$3.86	$6.92	($8.98)
Adjusted Weighted Average Diluted Shares Outstanding	334.06M	340.88M	383.22M	415M	418M	425M	434M	434M	434M	434M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.80	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	333.77M	360.54M	406.91M	415.57M	416.75M	862.62M	864.43M	433.44M	434.22M	435.43M
Normalized Net Operating Profit after Tax (NOPAT)	697	700	976	1,005	1,114	1,911	1,987	2,448	2,468	-7,616
Normalized NOPAT Margin	19.02%	17.85%	22.93%	18.72%	19.33%	32.72%	31.34%	35.05%	35.35%	-115.95%
Pre Tax Income Margin	12.93%	9.54%	9.21%	11.94%	15.29%	18.42%	18.60%	44.22%	46.24%	120.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.89	1.66	1.63	1.85	2.28	2.37	2.47	0.00	0.00	0.00
NOPAT to Interest Expense	1.97	1.75	1.52	1.90	2.33	2.33	2.45	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.18	0.12	-0.42	-0.47	-0.73	0.30	0.94	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.26	0.21	-0.53	-0.42	-0.67	0.26	0.92	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	76.13%	359.38%	420.49%	287.12%	224.50%	207.39%	216.51%	-84.67%	-85.04%	-34.65%
Augmented Payout Ratio	78.07%	366.39%	426.78%	292.27%	229.38%	214.58%	222.90%	-86.79%	-85.98%	-35.06%

This table displays calculated financial ratios and metrics derived from Crown Castle's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.91%	6.65%	1.78%	7.67%	-4.52%	-5.10%	-7.45%	-12.91%	-0.90%	-1.49%
EBITDA Growth	10.02%	11.53%	2.11%	9.40%	-9.59%	-1.15%	-7.15%	-17.28%	4.61%	-495.26%
EBIT Growth	14.94%	17.18%	1.30%	12.52%	-19.00%	-3.29%	-13.60%	-27.22%	10.70%	-871.38%
NOPAT Growth	15.90%	17.44%	1.37%	12.09%	-20.78%	-4.05%	-14.81%	-28.17%	13.03%	-867.47%
Net Income Growth	19.37%	413.31%	-0.71%	8.08%	-36.75%	13.91%	-25.60%	-44.84%	14.34%	239.73%
EPS Growth	19.75%	41.79%	0.00%	8.25%	-37.11%	-12.63%	-26.80%	-44.76%	14.75%	-1,421.69%
Operating Cash Flow Growth	2.49%	14.44%	8.60%	43.65%	-23.97%	3.33%	-1.16%	-31.37%	31.14%	1.04%
Free Cash Flow Firm Growth	-1,168.20%	30.29%	105.82%	110.35%	107.48%	112.09%	184.36%	31.18%	136.72%	66.46%
Invested Capital Growth	22.45%	0.81%	0.80%	0.15%	0.11%	-0.33%	-1.23%	-0.92%	-1.41%	-16.28%
Revenue Q/Q Growth	0.69%	1.03%	0.51%	5.30%	-10.71%	0.42%	-1.97%	-0.91%	1.60%	-0.18%
EBITDA Q/Q Growth	1.08%	1.26%	1.72%	5.08%	-16.47%	10.72%	-4.45%	-6.38%	5.63%	-518.34%
EBIT Q/Q Growth	1.52%	1.17%	2.97%	6.40%	-26.92%	20.78%	-8.01%	-10.37%	11.16%	-941.64%
NOPAT Q/Q Growth	1.99%	2.28%	1.41%	6.35%	-27.92%	23.88%	-9.29%	-10.32%	13.42%	-941.19%
Net Income Q/Q Growth	-0.48%	332.46%	0.97%	8.85%	-41.76%	678.87%	-14.56%	-19.29%	20.72%	2,214.19%
EPS Q/Q Growth	0.00%	-2.06%	-79.83%	8.25%	-41.90%	36.07%	-83.45%	-18.31%	20.69%	-1,667.14%
Operating Cash Flow Q/Q Growth	-10.01%	19.83%	-27.86%	84.65%	-52.37%	62.85%	-30.99%	28.21%	-8.98%	25.46%
Free Cash Flow Firm Q/Q Growth	1.00%	105.70%	2.93%	79.44%	-28.45%	61.61%	38.34%	-17.22%	29.10%	13.65%
Invested Capital Q/Q Growth	-0.05%	0.11%	0.69%	-0.60%	-0.09%	-0.33%	-0.23%	-0.29%	-0.57%	-15.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	69.99%	70.46%	70.73%	72.04%	70.85%	72.94%	71.72%	71.77%	72.16%	71.86%
EBITDA Margin	59.11%	59.24%	59.95%	59.83%	55.97%	61.71%	60.15%	56.83%	59.08%	-247.60%
Operating Margin	34.48%	34.69%	35.42%	35.73%	29.15%	35.13%	32.78%	29.83%	32.93%	-273.20%
EBIT Margin	34.36%	34.41%	35.25%	35.62%	29.15%	35.07%	32.91%	29.77%	32.57%	-274.59%
Profit (Net Income) Margin	24.00%	102.72%	23.58%	24.37%	15.90%	123.30%	18.95%	15.44%	18.34%	425.23%
Tax Burden Percent	99.29%	99.89%	98.35%	98.48%	97.43%	99.76%	97.80%	97.29%	98.38%	99.93%
Interest Burden Percent	70.33%	298.85%	68.00%	69.47%	55.97%	352.47%	58.89%	53.31%	57.25%	-154.97%
Effective Tax Rate	0.71%	0.11%	1.65%	1.52%	2.57%	0.24%	2.20%	2.71%	1.62%	0.07%
Return on Invested Capital (ROIC)	7.43%	6.96%	6.98%	7.20%	5.75%	7.02%	6.28%	5.51%	6.16%	-56.08%
ROIC Less NNEP Spread (ROIC-NNEP)	6.67%	11.42%	6.25%	6.47%	5.00%	12.30%	5.52%	4.74%	5.35%	-16.17%
Return on Net Nonoperating Assets (RNNOA)	19.43%	39.15%	22.44%	23.84%	19.34%	49.72%	23.57%	21.21%	25.66%	-149.32%
Return on Equity (ROE)	26.86%	46.12%	29.42%	31.04%	25.09%	56.74%	29.85%	26.72%	31.82%	-205.41%
Cash Return on Invested Capital (CROIC)	-12.88%	6.13%	6.08%	6.96%	6.64%	7.07%	7.64%	6.83%	7.51%	8.57%
Operating Return on Assets (OROA)	6.07%	6.17%	6.33%	6.53%	5.32%	6.32%	5.83%	5.09%	5.60%	-50.62%
Return on Assets (ROA)	4.24%	18.41%	4.24%	4.46%	2.90%	22.23%	3.36%	2.64%	3.15%	78.38%
Return on Common Equity (ROCE)	26.86%	46.12%	29.42%	31.04%	25.08%	56.74%	29.85%	26.72%	31.82%	-205.41%
Return on Equity Simple (ROE_SIMPLE)	21.03%	0.00%	23.15%	24.21%	23.27%	0.00%	23.07%	21.07%	23.21%	0.00%
Net Operating Profit after Tax (NOPAT)	598	611	618	657	473	587	526	472	535	-4,502
NOPAT Margin	34.23%	34.66%	34.84%	35.18%	28.40%	35.04%	32.06%	29.02%	32.40%	-273.00%
Net Nonoperating Expense Percent (NNEP)	0.76%	-4.46%	0.73%	0.73%	0.75%	-5.29%	0.76%	0.78%	0.81%	-39.91%
Return On Investment Capital (ROIC_SIMPLE)	-	1.74%	-	-	-	1.68%	-	-	-	-15.43%
Cost of Revenue to Revenue	30.01%	29.54%	29.27%	27.96%	29.15%	27.06%	28.28%	28.23%	27.85%	28.14%
SG&A Expenses to Revenue	10.71%	10.88%	11.00%	11.25%	10.56%	10.63%	11.15%	12.55%	9.26%	10.07%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.51%	35.77%	35.31%	36.31%	41.69%	37.81%	38.94%	41.94%	39.23%	-256.28%
Earnings before Interest and Taxes (EBIT)	600	607	625	665	486	587	540	484	538	-4,528
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,032	1,045	1,063	1,117	933	1,033	987	924	976	-4,083
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.41	6.92	7.46	6.61	5.65	7.26	7.47	7.51	9.73	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	8.27	7.37	7.68	6.51	5.33	6.63	6.60	6.42	7.82	5.91
Price to Earnings (P/E)	35.31	16.76	32.28	27.27	24.28	14.46	32.36	35.64	41.95	4.93
Dividend Yield	4.48%	5.02%	4.88%	5.74%	7.20%	5.86%	6.01%	6.41%	5.28%	7.01%
Earnings Yield	2.83%	5.97%	3.10%	3.67%	4.12%	6.92%	3.09%	2.81%	2.38%	20.30%
Enterprise Value to Invested Capital (EV/IC)	2.41	2.26	2.32	2.12	1.88	2.14	2.12	2.06	2.34	2.33
Enterprise Value to Revenue (EV/Rev)	12.21	11.28	11.64	10.38	9.31	10.67	10.76	10.77	12.21	10.33
Enterprise Value to EBITDA (EV/EBITDA)	20.82	19.04	19.64	17.44	15.83	17.97	18.11	18.36	20.54	0.00
Enterprise Value to EBIT (EV/EBIT)	36.08	32.63	33.72	29.73	27.62	31.53	32.35	33.95	37.47	0.00
Enterprise Value to NOPAT (EV/NOPAT)	36.28	32.66	33.90	29.91	27.91	31.71	32.94	34.69	38.09	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	30.28	27.38	27.93	22.73	21.24	23.84	23.63	25.72	27.44	23.05
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	36.97	38.35	30.54	28.39	30.24	27.59	29.98	30.91	24.76
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.57	3.71	3.90	4.00	4.26	4.46	4.76	5.14	5.54	-220.43
Long-Term Debt to Equity	3.46	3.60	3.79	3.88	4.13	4.33	4.62	4.99	5.42	-215.84
Financial Leverage	2.91	3.43	3.59	3.69	3.86	4.04	4.27	4.48	4.80	9.23
Leverage Ratio	4.81	4.96	5.12	5.24	5.41	5.60	5.82	6.09	6.41	11.41
Compound Leverage Factor	3.38	14.83	3.48	3.64	3.03	19.74	3.43	3.24	3.67	-17.68
Debt to Total Capital	78.12%	78.75%	79.60%	79.99%	80.98%	81.70%	82.65%	83.72%	84.71%	100.46%
Short-Term Debt to Total Capital	2.33%	2.34%	2.31%	2.33%	2.36%	2.40%	2.45%	2.49%	1.76%	2.09%
Long-Term Debt to Total Capital	75.79%	76.42%	77.29%	77.67%	78.62%	79.30%	80.20%	81.23%	82.94%	98.37%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	21.86%	21.25%	20.40%	20.01%	19.02%	18.30%	17.35%	16.28%	15.29%	-0.46%
Debt to EBITDA	6.80	6.67	6.77	6.62	6.83	6.87	7.08	7.50	7.48	-24.51
Net Debt to EBITDA	6.72	6.59	6.68	6.50	6.76	6.80	7.01	7.41	7.39	-24.27
Long-Term Debt to EBITDA	6.60	6.47	6.58	6.42	6.63	6.67	6.87	7.28	7.33	-24.00
Debt to NOPAT	11.85	11.44	11.69	11.35	12.04	12.12	12.88	14.17	13.88	-10.01
Net Debt to NOPAT	11.71	11.31	11.54	11.16	11.92	12.00	12.75	14.01	13.71	-9.91
Long-Term Debt to NOPAT	11.50	11.11	11.35	11.02	11.69	11.77	12.50	13.75	13.59	-9.80
Altman Z-Score	0.90	0.78	0.82	0.67	0.47	0.62	0.58	0.49	0.65	-0.38
Noncontrolling Interest Sharing Ratio	0.02%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.46	0.45	0.52	0.50	0.44	0.40	0.42	0.43	0.54	0.50
Quick Ratio	0.27	0.27	0.30	0.28	0.25	0.23	0.22	0.23	0.29	0.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-5,797	330	338	606	433	701	960	795	1,026	1,166
Operating Cash Flow to CapEx	208.01%	215.94%	177.71%	295.25%	153.60%	243.14%	187.19%	233.43%	235.35%	317.75%
Free Cash Flow to Firm to Interest Expense	-32.39	0.00	1.67	2.91	2.00	0.00	4.25	3.46	4.35	0.00
Operating Cash Flow to Interest Expense	3.92	0.00	3.00	5.38	2.46	0.00	2.65	3.34	2.96	0.00
Operating Cash Flow Less CapEx to Interest Expense	2.03	0.00	1.31	3.56	0.86	0.00	1.23	1.91	1.70	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.17	0.17	0.18
Accounts Receivable Turnover	13.38	12.30	13.14	14.13	13.51	13.00	14.50	14.43	14.26	13.70
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.45	0.46	0.46	0.46	0.46	0.45	0.44	0.42	0.42	0.42
Accounts Payable Turnover	9.01	8.58	9.09	8.88	9.23	8.11	8.57	8.01	8.85	8.32
Days Sales Outstanding (DSO)	27.28	29.68	27.78	25.83	27.02	28.08	25.18	25.30	25.60	26.65
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	40.52	42.54	40.14	41.12	39.57	44.98	42.57	45.58	41.25	43.87
Cash Conversion Cycle (CCC)	-13.23	-12.86	-12.36	-15.29	-12.54	-16.90	-17.39	-20.28	-15.65	-17.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	34,880	34,920	35,160	34,950	34,920	34,806	34,726	34,627	34,429	29,138
Invested Capital Turnover	0.22	0.20	0.20	0.20	0.20	0.20	0.20	0.19	0.19	0.21
Increase / (Decrease) in Invested Capital	6,395	281	280	51	40	-114	-434	-323	-491	-5,668
Enterprise Value (EV)	83,928	78,800	81,709	74,229	65,812	74,510	73,696	71,200	80,522	67,822
Market Capitalization	56,846	51,512	53,904	46,544	37,706	46,304	45,178	42,453	51,553	38,795
Book Value per Share	$17.72	$17.20	$16.66	$16.25	$15.38	$14.71	$13.94	$13.01	$12.19	($0.31)
Tangible Book Value per Share	($14.11)	($6.23)	($14.67)	($14.82)	($15.43)	($8.67)	($16.38)	($17.05)	($17.64)	($12.23)
Total Capital	35,103	35,059	35,411	35,214	35,059	34,863	34,859	34,725	34,631	29,184
Total Debt	27,424	27,610	28,188	28,168	28,390	28,482	28,811	29,073	29,335	29,317
Total Long-Term Debt	26,605	26,791	27,369	27,349	27,563	27,647	27,957	28,208	28,724	28,707
Net Debt	27,082	27,288	27,805	27,685	28,106	28,206	28,518	28,747	28,969	29,027
Capital Expenditures (CapEx)	337	389	341	379	347	357	320	329	297	276
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-925	-1,017	-774	-1,040	-880	-994	-798	-874	-728	-767
Debt-free Net Working Capital (DFNWC)	-583	-695	-391	-557	-596	-718	-505	-548	-362	-477
Net Working Capital (NWC)	-1,402	-1,514	-1,210	-1,376	-1,423	-1,553	-1,359	-1,413	-973	-1,087
Net Nonoperating Expense (NNE)	179	-1,201	200	202	208	-1,477	215	221	232	-11,514
Net Nonoperating Obligations (NNO)	27,201	27,471	27,937	27,904	28,251	28,425	28,678	28,975	29,133	29,271
Total Depreciation and Amortization (D&A)	432	438	438	452	447	446	447	440	438	445
Debt-free, Cash-free Net Working Capital to Revenue	-13.45%	-14.56%	-11.03%	-14.55%	-12.45%	-14.24%	-11.65%	-13.23%	-11.04%	-11.68%
Debt-free Net Working Capital to Revenue	-8.48%	-9.95%	-5.57%	-7.79%	-8.43%	-10.29%	-7.37%	-8.29%	-5.49%	-7.26%
Net Working Capital to Revenue	-20.39%	-21.67%	-17.24%	-19.24%	-20.12%	-22.25%	-19.84%	-21.38%	-14.76%	-16.55%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.97	$0.96	$0.97	$1.05	$0.61	$0.83	$0.72	$0.58	$0.70	($10.98)
Adjusted Weighted Average Basic Shares Outstanding	433M	433M	433M	434M	434M	434M	434M	435M	435M	434M
Adjusted Diluted Earnings per Share	$0.97	$0.95	$0.97	$1.05	$0.61	$0.83	$0.71	$0.58	$0.70	($10.97)
Adjusted Weighted Average Diluted Shares Outstanding	434M	434M	434M	434M	434M	434M	435M	435M	436M	434M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	433.05M	433.44M	433.67M	433.68M	433.69M	434.22M	434.52M	434.57M	434.60M	435.43M
Normalized Net Operating Profit after Tax (NOPAT)	601	620	618	680	551	603	543	519	597	-9,327
Normalized NOPAT Margin	34.40%	35.17%	34.84%	36.40%	33.08%	35.99%	33.08%	31.89%	36.15%	-565.64%
Pre Tax Income Margin	24.17%	102.83%	23.97%	24.75%	16.32%	123.60%	19.38%	15.87%	18.64%	425.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.35	0.00	3.09	3.20	2.24	0.00	2.39	2.10	2.28	0.00
NOPAT to Interest Expense	3.34	0.00	3.06	3.16	2.18	0.00	2.33	2.05	2.27	0.00
EBIT Less CapEx to Interest Expense	1.47	0.00	1.41	1.38	0.64	0.00	0.97	0.67	1.02	0.00
NOPAT Less CapEx to Interest Expense	1.46	0.00	1.37	1.34	0.58	0.00	0.91	0.62	1.01	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	158.55%	-84.67%	157.78%	157.03%	175.39%	-85.04%	195.34%	228.97%	221.97%	-34.65%
Augmented Payout Ratio	162.58%	-86.79%	159.57%	158.85%	177.32%	-85.98%	197.42%	231.57%	224.65%	-35.06%

Frequently Asked Questions About Crown Castle's Financials

When does Crown Castle's financial year end?

According to the most recent income statement we have on file, Crown Castle's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Crown Castle's net income changed over the last 9 years?

Crown Castle's net income appears to be on an upward trend, with a most recent value of $7.88 billion in 2024, rising from $1.52 billion in 2015. The previous period was $3.20 billion in 2023.

What is Crown Castle's operating income?

Crown Castle's total operating income in 2024 was -$2.94 billion, based on the following breakdown:

Total Gross Profit: $4.72 billion
Total Operating Expenses: -$2.26 billion

How has Crown Castle revenue changed over the last 9 years?

Over the last 9 years, Crown Castle's total revenue changed from $3.66 billion in 2015 to $6.57 billion in 2024, a change of 79.3%.

How much debt does Crown Castle have?

Crown Castle's total liabilities were at $32.87 billion at the end of 2024, a 2.2% increase from 2023, and a 121.4% increase since 2015.

How much cash does Crown Castle have?

In the past 9 years, Crown Castle's cash and equivalents has ranged from $105 million in 2023 to $567.60 million in 2016, and is currently $119 million as of their latest financial filing in 2024.

How has Crown Castle's book value per share changed over the last 9 years?

Over the last 9 years, Crown Castle's book value per share changed from 21.24 in 2015 to -0.31 in 2024, a change of -101.4%.

Related Companies

This page (NYSE:CCI) was last updated on 4/25/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Crown Castle (CCI) Financials

Frequently Asked Questions About Crown Castle's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Crown Castle (CCI) Financials

Annual Income Statements for Crown Castle

Quarterly Income Statements for Crown Castle

Annual Cash Flow Statements for Crown Castle

Quarterly Cash Flow Statements for Crown Castle

Annual Balance Sheets for Crown Castle

Quarterly Balance Sheets for Crown Castle

Annual Metrics and Ratios for Crown Castle

Quarterly Metrics and Ratios for Crown Castle

Frequently Asked Questions About Crown Castle's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools